Renewable energy company Scatec aims to develop 4.5GW of generation capacity by the end of this year. Credit: Markus Distelrath from Pixabay.

Renewable energy company Scatec has announced an investment of $11.6bn (NOK100bn) to increase its renewable energy generation capacity by 2025.

Last year, Scatec produced just over 3GWh of electricity across 3.3GW of installed capacity. In the next four years, it aims to increase its portfolio to 15GW.

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A company spokesperson said that the investment would be necessary to achieve its 2025 target. Scatec aims to meet reach 4.5GW of capacity by the end of this year.

Scatec CEO Raymond Carlsen said: “From the very first day, Scatec has been a frontrunner in an increasingly dynamic renewables market, and we continue to lead.

“In line with our broadened strategy, we are developing renewable energy solutions and combining solar, wind, hydropower and storage to the benefit of our growing customer base of state utilities and large energy consumers.”

The company made this announcement in its recent capital markets update. Scatec gave its previous update in 2019, and now aims to establish itself as a global leader in renewables segment.

Scatec equity will fund $1.7bn to $2.3bn (NOK15bn to 20bn).

The company has expanded its project development footprint across 35 countries, and increased its project backlog and pipeline from 4.2GW to 11.9GW over the past two years.

Carlsen further added: “Scatec is a pure renewable player. Our business model will continue to be based exclusively on delivery of reliable renewable energy.

“Our competence and track record across renewable technologies and in key growth regions paired with our integrated business model and strong partnership focus, create lasting competitive advantages.”

Last October, Scatec Solar agreed to acquire SN Power from Norfund in a deal valued $1.166bn.